New York, USA, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Pharmacy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pharmacy Market Information By Product Type, Pharmacy Type, Application, And Region - Forecast till 2032", the market is projected to grow from USD 1062.2 Billion in 2023 to USD 1522.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032).
Market Synopsis
Retail businesses that offer prescription and over-the-counter drugs, wellness items, and related services make up the worldwide pharmacy market. In addition to providing easy access to a wide variety of pharmaceutical products, these physical and online retail businesses often provide additional services like counseling, prescription management, and wellness screening. Rising healthcare costs, the desire for individualized medicine, and the growing popularity of over-the-counter drugs drive the market. It operates in a highly competitive environment with many domestic and international competitors contending for market share. The independent retail pharmacy serves the general population by dispensing branded and generic medications with or without a doctor's prescription. The expansion of retail pharmacy chains has facilitated the integration of numerous healthcare elements and improved customer convenience while purchasing pharmaceuticals and other goods. The modernization and rapid extension of already-existing pharmacies to increase market penetration has a beneficial impact on market growth. Hospital and retail pharmacies use various automation solutions to enhance patient safety and provide efficient care. Automation is used in e-prescribing, point-of-sale software, bar code confirmation, robotic dispensing, tablet counting software, voice response systems, and computerized medicine pickup.
During the projection period, it is projected that these automation and digitalization strategies will dominate the market. Pharmacies offer a range of patient care solutions and launch numerous initiatives to boost the sale of medications. The pharmacy retail market will grow due to an increase in the geriatric population, rising healthcare spending, changing disease profiles, new marketing techniques, an increase in hospital-based drugstores and wellness centers, and growing government funding. During the projection period, the pharmacy market would benefit from rising e-commerce demand and rising average yearly incomes in the population.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 1522.1 Billion |
| CAGR | 4.60% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Pharmacy Type, Application, end user |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing population and increased frequency of chronic diseases will increase need. |
| Increased focus on preventive care, growing e-commerce and online pharmacies |
Pharmacy Market Competitive Landscape:
- Kroger
- Rite Aid Corp.
- Lloyd Pharmacy
- Well Pharmacy
- Humana Pharmacy Solutions
- CVS Health
- Boots Walgreens
- Cigna
- Walmart
- Matsumoto Kiyoshi
Pharmacy Market Trends:
Market Drivers:
The pharmacy retail industry is significantly impacted by the growing worldwide healthcare expenditure, driven by aging populations, a growing number of chronic diseases rising, and improvements in medical technology. Consumer appetite for prescription drugs and related products rises with rising healthcare spending, which benefits pharmacy retail expansion. Employment in Healthcare The total number of healthcare professionals, such as doctors, nurses, and pharmacists, frequently increases when global healthcare spending increases. As the workforce grows, pharmaceutical supplies must be continuously accessible to meet the population's healthcare needs. Pharmacies are crucial for supplying drugs to medical experts, sustaining the growing healthcare workforce, and creating demand for pharmacy products.
The demand for customized pharmaceutical products is fueled by the increased emphasis on personalized medicine, which entails customizing medical therapy to each patient based on their genetic composition. These customized pharmaceuticals are provided through pharmacy retail outlets, which is what is fueling the market's expansion. Pharmacies are implementing cutting-edge tactics for various tasks, including filling prescriptions. Cough, cold, and flu cases are rising, boosting the segment's expansion.
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Restraints
Health authorities and licensing agencies impose strict restrictions and compliance requirements on the pharmacy retail business, creating a challenging regulatory environment. Market participants may face difficulties adhering to these requirements due to increased expenses, drawn-out procedures, and possible legal and reputational hazards.
Market Segmentation
Prescription and OTC products are included in the product type segmentation of the pharmacy market. Retail and online pharmacies are included in the segmentation of the pharmacy market based on pharmacy type. Hospital-grade and personal usage are two applications included in the Pharmacy Market segmentation.
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Pharmacy Market Regional Insights
Due to significant key players, rising awareness of various respiratory diseases like asthma and COPD, a paradigm shift in consumer behavior toward organized players who will provide high-quality pharmaceuticals, high healthcare spending, and a robust healthcare sector in this region leads the market. North America's long-standing clinics, hospitals, and pharmacies serve as a highlight of the region's highly developed healthcare systems. These facilities include modern infrastructure, cutting-edge medical equipment, and skilled staff. The availability of cutting-edge medical facilities and services has increased the demand for pharmaceutical products. Additionally, the U.S. pharmacy market had the biggest market share in the North American region, while the Canadian pharmacy industry had the quickest growth rate.
Due to escalating R&D efforts, rising healthcare spending, and expanding government backing, Asia-Pacific is anticipated to rise during the forecast period. But during the forecast period, Asia-Pacific is projected to have the quickest growth rate. The demand for pharmacies in the region is driven by the rapidly expanding pharmaceutical industries in China and India and the rising demand for generic drugs.
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